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ORLANDO-A week after paying $7.2 million to Chicago entrepreneur Sam Zell for the Wood Forest Apartments community in Daytona Beach, the Jupiter, FL-based investment firm buys the 200-unit, Lakeside South apartment complex in south Orlando for $9.7 million.
ARLINGTON, VA- The 155,000 sf Crystal Plaza I welcomes a new tenant as Australia-based network security provider Tenix Datagate decides to relocate its global headquarters to a 4,000-sf space in the building.
FORT LAUDERDALE, FL-The beachfront Q Club Resort & Residences will feature 333 units in a 25-story condominium-hotel tower here. Condo prices range from the mid-$200,000s to $2 million. The project is scheduled to be completed in spring 2005.
DENVER-Forecast shows that the metro area suffers from rising vacancies, negative absorption and falling rental rates. Industrial indicators show more stable, but falling rates.
ANAHEIM, CA-The equity goes to the Jeffrey Lynne Perimeter development from Related Capital, which previously invested $25.6 million in the project's first phase.
MINNEAPOLIS-Most industrial brokers agree that vacancy rates have topped out at 7.4%, but disagree about rental rates. All are predicting a robust recovery for 2004.
HOUSTON-Three renewals and three new pacts take the 3.3-million-sf complex's occupancy to 95%. Economics and East End positioning near a mix of sports facilities, entertainment, retail and residential are the deal-makers, brokers say.
EVERETT, WA-The Boeing Co. will do its design and development work for the proposed midsize fuel-efficient jet at its existing manufacturing complex here. Much of the manufacturing will occur overseas. The assembly site, which will be in the US, has not yet been announced.
NEW YORK CITY-With a 39.3% increase, the average asking rents for space on Madison Avenue between 57th and 67th streets jumped from $491 a year ago to $684 today, according to the Real Estate Board of New York.
ROCHESTER, MI-After two decades, the commission finds a new home in a 92,000-sf facility sporting generous amenities. Residential development will eventually take the place of the old facility.